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Econintersect: US Light crude oil futures for March 2011 delivery was trading at $84.79 a barrel, 07.45 GMT this morning (Wednesday 2/16/11) on the NYMEX. Bloomberg reports that the NYMEX price moved up during the day to close at $85.18. In London the price for Brent crude closed at $103.73, up $2.54, or a whopping 2.5% rise. The much bigger rise for oil in Europe as Iranian warships approached the Suez Canal for the first time in 30 years. This was considered a provocative move.

Follow up:

The US API (American Petroleum Institute) said late yesterday that crude oil inventories fell 354,000 barrels last week while analysts surveyed by Platts had forecast an increase of 2.8 million barrels. Crude oil supplies at the key Cushing, Oklahoma terminal rose 250,000 barrels.

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